The US military launched strikes against Iranian military infrastructure in southern Iran over the weekend of May 30-31. Iran retaliated on June 1, firing missiles and drones into Kuwait, targeting what the Revolutionary Guards claimed were US-operated bases.
Kuwait activated air raid sirens and its air defenses intercepted the incoming fire.
US Central Command described the strikes as "self-defense" operations targeting radar and drone command facilities in Goruk and on Qeshm Island. The prompt was Iran's earlier shootdown of a US MQ-1 drone.
President Trump’s diplomatic team is reportedly close to an interim peace deal with Iran, potentially including a ceasefire and reopening the Strait of Hormuz, a chokepoint for one-fifth of global oil supply.
With traditional markets closed over the weekend, decentralized exchange Hyperliquid saw significant spikes in trading volumes for oil and gold-linked contracts. Bitcoin traded around $73,068; Ethereum exceeded $2,000. Tether’s gold-backed token XAUT recorded volumes surpassing $300 million, signaling tokenized commodities' growing appeal for investors seeking commodity exposure without weekend closures or storage logistics.